Recruitment firm Michael Page said its gross profit for the third quarter rose 28.7 per cent to £89 million, driven by growth across its regions.

Michael Page, which has offices in Birmingham, Nottingham and Coventry, said the UK profit had seen an increase of 21 per cent compared to the same period a year ago.

Chief executive Steve Ingham said a combination of buoyant recruitment markets worldwide and the firm's long-term strategy of growing organically was fuelling growth.

"We are dependent on churn and at the moment round the w orld, newly qualified accountants and professional engineers have the confidence that they can move jobs and there are plenty of good jobs out there," he said.

Despite the recent rise in interest rates and unemployment prompting fears of an economic slowdown, Mr Ingham said the UK recruitment market remained strong.

He said: "Our growth is fuelled largely by volume and a little bit by wage inflation - because we charge a percentage of the salary - and a little bit of hardening of pricing in the fees we charge."

Mr Ingham added that the new age discrimination laws should boost revenues.

He said: "There is a trend for anti-ageism policies around the world. It makes it a bit complicated and we have to adjust to it. For some smaller human resources departments it possibly becomes the final straw and they outsource to people like us."

The group said profit in Europe, the Middle East and Africa grew 46 per cent in the quarter as it opened new offices in Russia, the United Arab Emirates and South Africa.